The Canadian Dollar fell to an 11-year low below 75 cents US during trading on Tuesday.
At closing, markets recorded the Loonie at 75.27 cents US, a drop down from Monday’s closing value from 75.76 closing value, a decade record low. But during the day on Tuesday, the Loonie fell to an 11-year low of 74.96 cents US.
This is the first time the dollar has dropped below 75 cents since June 2004.
The S&P 500 Index closed 25 points lower than Monday’s closing, along with the Dow Jones Industrial Average which fell another 204 points Tuesday. The Shanghai Composite Index fell 7.6 per cent Tuesday from its Monday closing value of 3,210.
The TSX closed 98 points in the green.
Yesterday’s financial meltdown is being dubbed ‘Black Monday’ by economists who have not seen such a drastic stock decline since the 2008 financial crisis. It was the first time ever the Dow Jones had fallen more than 1,000 points in one day.